<p>&#160; &#160; &#160; &#160; Heavy rainfall is one of the most frequent and severe weather hazards in the world which becomeone of the hugest natural risks.&#160; It has been found that during the flood season in South China, high intensive precipitation occurs very frequently due to the impact of east Asian monsoon. &#160;An unexpected and unusual extreme precipitation event could lead to millions or billions worth of damage, wash out vehicles and houses, destroy agricultural fields, and threat people&#8217;s lives.&#160; Determining the linkage between heavy rainfall causes, critical meteorological condition, and impacts can make it easier to classify risk level.&#160; However, due to the insufficiencies of quantitative heavy rainfall related property damages, and low efficient precipitation forecast, the risk evaluation could not be well determined.&#160; Therefore, we employed an improved short-term precipitation forecast based on ensemble deep learning algorithms that can provide more accurate prediction, and apply &#160;25 years of insurance data to aid as proxy for the evaluation of short-term heavy rainfall risks, aiming to trigger in-time precautions and reduce losses.&#160;</p><p>&#160;&#160;&#160;&#160;&#160;&#160; The improved short-term precipitation forecast is built based on combination of scale-invariant feature transform (SIFT) algorithm and ensemble model including convolutional neural network (CNN), gradient boosting decision tree (GBDT), and neural network.&#160; The main dataset used includes radar images and station observed precipitation.&#160; The past 1.5 hour radar reflectivity images are measured at 15 times with an interval of 6 minutes, and in 4 different heights from 0.5 km to 3.5 km with an interval of 1 km.&#160; The hourly site precipitation is obtained from ground meteorology stations.&#160; The SIFT is used to calculate cloud trajectory velocity, and the CNN is implemented with features including pinpoint local radar images, spatial-temporal descriptions of the cloud movement and the global description of the cloud pattern.&#160; Weights are assigned to the ensemble model to compute the following 2-3 hours forecasting results.&#160; Additionally, the insurance data include more than 50 thousand records provided on a geography coordinate level for the last 25 years.&#160;</p><p>&#160;&#160;&#160;&#160;&#160;&#160; Result shows that the insurance data have a strong correlation with short-term precipitation.&#160; It also indicates that our proposed model of short-term precipitation forecast outperforms only-deep learning-based and traditional optical flow-based methods.&#160; The insurance data could provide a good proxy for describing heavy rainfall damage and to aid to explore the causes and impacts.&#160; This study would greatly assist policy makers, civil protection agencies, and insurance companies to improve emergency systems and response mechanisms.</p>